MyEtherWallet Review – Open-source Blockchain Interface

MyEtherWallet.com is a completely free, client-side interface, which allows users to access the Ethereum blockchain, while retaining full and complete control over their tokenized funds and private keys. What exactly does this mean? MyEtherWallet is not just a wallet for Ethereum. It can also be used for the safe storage of all ERC20 tokens. Given how most ICOs issue such tokens, MEW’s utility becomes all the more impressive. Indeed, most ICO’s recommend the storage solution to the buyers of their newly issued tokens.

MEW’s creators have always focused on educating their users regarding the nature of the cryptocurrency business and the optimal usage of their blockchain interface. Long story short, MyEtherWallet users should be aware that there is absolutely nothing MEW can do for them if they lose their private keys, or willingly deliver them to scammers, through a phishing operation or any other way.

MEW is not a bank, and it does not provide any of the services for which banks charge commissions. Users who create an account at the site, generate a public and a private key. To receive ETH or other ERC20 tokens, users have to give their public keys to the paying party. Private keys give full control of the account to the person possessing them, so they should be kept secret under all circumstances.

Through MyEtherWallet, private keys are handled locally, on the computer of the user. The service provider does not have access to the keys. Passwords and other account information is not stored either, which is why the service provider can’t help its users recover their passwords/private keys in any shape or form.

MyEtherWallet does not charge users any transaction fees, and the provided services are free. The service is absolutely legitimate. Some of its users won’t hesitate calling it the best Ethereum wallet solution ever.

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How Exactly Does MyEtherWallet Work?

Registering a wallet through MyEtherWallet is actually pretty simple. To enhance security, the service provider recommends the use of MetaMask, a Chrome extension, which will protect users’ private keys from a wide range of phishing sites. MetaMask will essentially block the user as soon as he/she lands on a phishing site, popping a big red warning into his/her face. Funds need to be transferred to MetaMask from MyEtherWallet.

What makes MyEtherWallet truly stand out though is its ability to run offline/locally. To install the webpage, all users have to do is to grab etherwallet-vX.X.X.X.zip from the GitHub servers. Running it on an offline computer is then as simple as unzipping it and clicking on index.html. Entire wallets can be generated offline through this feature and transactions can be sent through the Send Offline page.

The actual setting up of a wallet is fairly simple, and there are detailed directions provided in this regard at the MyEtherWallet website. They even have a video walkthrough for those too lazy to read.

How exactly does MyEtherWallet generate the revenues needed to keep it ticking? The whole project is a free one. Here and there on MyEtherWallet.com, users are asked to contribute through a donation, but nothing is compulsory. If you feel the service deserves it though, do not be stingy and drop them some ETH, to test your newly created/unlocked wallet.

Can I trust MyEtherWallet.com?

Sure, you can trust them if you want to, but trust is not required with this service at all. As they put it forth at their site: you do not have to trust them. They couldn’t touch your private keys even if they wanted to. In addition to that, the service can be run offline and they heavily promote the use of hardware wallets.

As far as reputation goes: the operation has been around since August 2015, and since then, countless people have made use of its services. Nearly everyone is happy with the way MyEtherWallet has worked out for them, and the various threads in the biggest cryprocurrency forums are living testimony in this regard.

Question Marks and Red Flags

You’ve probably gleaned as much from the above that there are obviously NO question marks or red flags raised by this service in any shape or form. Still, their success has inspired a number of copycat phishing attempts, some of which are so brazen, they are posted in the biggest forums (bitcointalk) posing as the real deal. If you are a MyEtherWallet user, make sure that every time you access the site, you access the right URL, which is MyEtherWallet.com. There are all kinds of MyEtherWalet.coms and MyEtherWallet.infos out there. Make sure you steer well clear of such sites, especially if you hold your ETHs dear.

Additional Questions

People out there have all sorts of questions regarding the services offered by MEW, and one of these questions is about cashing out. Now, if you know how crypto wallets work, and if you understand cryptocurrencies, you know that question makes no sense. You cannot “cash out” from any of these wallets. What you can do though is to transfer their contents to a crypto exchange, where you can sell your coins/tokens, for BTC or for fiat currency. You can also sell to an interested buyer directly, and transfer the funds after payment has been made.

Complaints

There aren’t really any complaints about the services offered by MyEtherWallet. Some beginners may find it difficult to wrap their heads around the whole concept of the open-source, client-side blockchain interface, but the site features a superb FAQ section, which explains everything, including the blockchain-related basics, in great detail.

Popularity

As of December 3, 2017, MyEtherWallet.com had a SimilarWeb global rank 12,398, indicating it’s a very popular site. Most of its visitors are from the US, Russia, Vietnam, UK and Germany.

MyEtherWallet.com Review Conclusion

Enjoying a stellar reputation among users, MEW has become an integral part of the ETH and ERC20 crypto scene over the last few years. Its services – though indeed rather raw in nature – cover real needs and they do so in a trust-inspiring no-nonsense manner. Many will say that this is the best ETH wallet solution out there, and they’ll be right. MEW doesn’t just store/transfer your digital tokens. It also provides useful overall education regarding the security of your virtual funds.